Singapore-based offshore support vessel owner Pacific Radiance Ltd, which recently negotiated a series of agreements with its main bankers and financial partners to refinance its existing term loans and renew revolving credit facilities, sounded an optimistic note in early November. In a statement about its latest results, the company said that, with Brent crude hovering at about US$45-50 per barrel, Pacific Radiance had seen a return in enquiries and awards for longer-term charters in key operating areas. The company's executive chairman Pang Yoke Min said this indicates that the downturn in the sector might be about to bottom out. "However," he said, "while we are cautiously of the opinion that the level of activity may slowly pick up from 2017, we remain prudent and conservative in managing cash flows, operations and costs to ensure the sustainability of our businesses."
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